INR slides to record low against US dollar as local equities tumble

The Indian rupee stayed slippery today, testing a record low against the US dollar as untiring outflows from local stocks hurt the local currency. The INR to its all-time low of 84.12 against the dollar, shedding 4 paise on the day. US dollar index is quoting in red, down half a percent around 103.70 but Rupee seems to be tracking the heavy losses in local stocks. The benchmark BSE Sensex and Nifty 50 equity indexes slumped around 1.7% each on the day as recent selling continued. Both the indices have lost around 6% in October. The FIIs were net sellers in the cash segment in October, with total outflows hitting more than Rs 1 lakh crore and selling a new record.

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